Ramsey recommends living like a peasant for your whole working life so you can be wealthy for the last 10 years of your life when you are all crippled up lol. I didn't buy until I was about 35.... payed 180k for a junk house on a couple acres in a really nice area..… spent all my spare cash and did all the work myself but when I refinanced last year it appraised for 550k.... I got a 15 year mortgage for 2.1%. I also have a boat payment and we have one truck payment...ohhhh the HORROR 🤣🤣🤣 I put good down payments on both and can dump em quick if ever need to but I'm gonna enjoy life now while my kids are young..... we can eat out whenever we feel like it, still put a little in the savings account every week and I have enough guns, trailers, and other chit I could liquidate if I ever need to. My house will be payed for by the time I retire at 55 and I will have a really good pension and annuity to pay my taxes and utilities.
That's my rub with him as well. It's great I guess for folks with no discipline in their spending habits. Also, his plan does not work for rural folk, especially in northern climes. I'd rather carry a little debt and enjoy my life and and my family as long as I can make the payments AND have a light in the tunnel where it'll all be paid off before I die.
I could be free and clear on my house in the prairie. Or I could by carry a heavy note and live where I promised my wife we'd come back to. If money is all a guy cared about I could sell my place now for 3X what I paid and walk away with a pretty good chunk of change and pay off my tractor and truck loans to boot. But I couldn't buy what I have with what I'd get selling it. So I guess to many I'm a sucker. lol
youre not a sucker...if you cant enjoy life a little what good is it......bob
I borrowed against my paid off mortgage so my kids could have something and not be looking at carpet bagging Yankees for the rest of my life wishing I had
5G peoples rode the 4 wheeler to the house today begging access to the power poles on new land.Sure thing I’d just gotten the braked 308 set up and target hung ain’t gonna ruin my day 🤷♂️🤷♂️Power line direct behind me “braked 308s” echo badly in hollers I let off 10 rds.Drug lort neighbor pulls out his AK for sport 5G peoples hauled ass 🤷♂️🤷♂️
To properly address this issue would require a book of info. It's not as simple as paying your house off and staying married to become wealthy.
Do the math you cannot save enough on an average or even good wage to become wealthy.
You need to learn to invest and in doing so use financial "tools" such as loans etc.....
Now if you just want to live a comfortable but relatively simple life, get a good job, a good wife with a good job, buy a house within your means, pay it off, invest in your 401K and do this for years and chances are good you will meet your goal.
Pharmseller mentioned good debt and bad debt and he is spot on!
A 15/30 fixed home loan @2.5 percent on an appreciating asset would be considered good debt.
A business loan @4.5% that enables a business that cash flows you a very comfortable living is a good debt also.
Also when interest rates are running as hot as they are now, these interest rates are like free money I.E. , Would you want to be a lender getting 2.5% when the inflation is 9%?
The devil is in the details though, you can take both of the examples I pointed out above and turn them into bad debt. For example, you over pay on a house that is above your price range.... you borrow for a business that becomes insolvent etc....
My rule of thumb is no more than 30% debt to value ratio. I prefer 25% and that is where I am at currently (thanks to inflating asset values)
If I was to disclose my debt many of you would laugh at me... but if I disclosed the value of my assets you wouldn't..... so it's not so simple.
Dave Ramsey is full of schit, yet he is more right than wrong. For the average guy that is consumed with his job and keeping the lights on he is spot on.
For others, willing to put in the work, research etc... then act on that with saved money and leveraged money , the world can be your oyster... if you have the balls, risk reward thing. To declare your way is the best and only way is just foolish.... but it is fun to "flex" on these threads and they never disappoint to entertain.....
Very well written though 25 - 30% is higher than I prefer.
To properly address this issue would require a book of info. It's not as simple as paying your house off and staying married to become wealthy.
Do the math you cannot save enough on an average or even good wage to become wealthy.
You need to learn to invest and in doing so use financial "tools" such as loans etc.....
Now if you just want to live a comfortable but relatively simple life, get a good job, a good wife with a good job, buy a house within your means, pay it off, invest in your 401K and do this for years and chances are good you will meet your goal.
Pharmseller mentioned good debt and bad debt and he is spot on!
A 15/30 fixed home loan @2.5 percent on an appreciating asset would be considered good debt.
A business loan @4.5% that enables a business that cash flows you a very comfortable living is a good debt also.
Also when interest rates are running as hot as they are now, these interest rates are like free money I.E. , Would you want to be a lender getting 2.5% when the inflation is 9%?
The devil is in the details though, you can take both of the examples I pointed out above and turn them into bad debt. For example, you over pay on a house that is above your price range.... you borrow for a business that becomes insolvent etc....
My rule of thumb is no more than 30% debt to value ratio. I prefer 25% and that is where I am at currently (thanks to inflating asset values)
If I was to disclose my debt many of you would laugh at me... but if I disclosed the value of my assets you wouldn't..... so it's not so simple.
Dave Ramsey is full of schit, yet he is more right than wrong. For the average guy that is consumed with his job and keeping the lights on he is spot on.
For others, willing to put in the work, research etc... then act on that with saved money and leveraged money , the world can be your oyster... if you have the balls, risk reward thing. To declare your way is the best and only way is just foolish.... but it is fun to "flex" on these threads and they never disappoint to entertain.....
Very well written though 25 - 30% is higher than I prefer.
Well thank you Ed... if I had my way it would be 0% .... but I will get there soon..
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Yes. And a few more. Slumlord's my hero. Except for the T-111.
Gonna sell 4. About 80% done giving the first one a face-lift. Going at it 7 days a week for the last 3 weeks. Hardest part is getting skilled labor onsite and moving things forward.
Time to smell the roses more.
Last edited by local_dirt; 10/29/22.
Slaves get what they need. Free men get what they want.
To properly address this issue would require a book of info. It's not as simple as paying your house off and staying married to become wealthy.
Do the math you cannot save enough on an average or even good wage to become wealthy.
You need to learn to invest and in doing so use financial "tools" such as loans etc.....
Now if you just want to live a comfortable but relatively simple life, get a good job, a good wife with a good job, buy a house within your means, pay it off, invest in your 401K and do this for years and chances are good you will meet your goal.
Pharmseller mentioned good debt and bad debt and he is spot on!
A 15/30 fixed home loan @2.5 percent on an appreciating asset would be considered good debt.
A business loan @4.5% that enables a business that cash flows you a very comfortable living is a good debt also.
Also when interest rates are running as hot as they are now, these interest rates are like free money I.E. , Would you want to be a lender getting 2.5% when the inflation is 9%?
The devil is in the details though, you can take both of the examples I pointed out above and turn them into bad debt. For example, you over pay on a house that is above your price range.... you borrow for a business that becomes insolvent etc....
My rule of thumb is no more than 30% debt to value ratio. I prefer 25% and that is where I am at currently (thanks to inflating asset values)
If I was to disclose my debt many of you would laugh at me... but if I disclosed the value of my assets you wouldn't..... so it's not so simple.
Dave Ramsey is full of schit, yet he is more right than wrong. For the average guy that is consumed with his job and keeping the lights on he is spot on.
For others, willing to put in the work, research etc... then act on that with saved money and leveraged money , the world can be your oyster... if you have the balls, risk reward thing. To declare your way is the best and only way is just foolish.... but it is fun to "flex" on these threads and they never disappoint to entertain.....
I can't wrap my head around all of that. I just paid it off as soon as possible and started living easy again .
I have two houses,...one paid for, the other about 40% paid for. One pays for the other one.
If it ever came down to it I'd dump both of them and live in a van down by the river.
To properly address this issue would require a book of info. It's not as simple as paying your house off and staying married to become wealthy.
Do the math you cannot save enough on an average or even good wage to become wealthy.
You need to learn to invest and in doing so use financial "tools" such as loans etc.....
Now if you just want to live a comfortable but relatively simple life, get a good job, a good wife with a good job, buy a house within your means, pay it off, invest in your 401K and do this for years and chances are good you will meet your goal.
Pharmseller mentioned good debt and bad debt and he is spot on!
A 15/30 fixed home loan @2.5 percent on an appreciating asset would be considered good debt.
A business loan @4.5% that enables a business that cash flows you a very comfortable living is a good debt also.
Also when interest rates are running as hot as they are now, these interest rates are like free money I.E. , Would you want to be a lender getting 2.5% when the inflation is 9%?
The devil is in the details though, you can take both of the examples I pointed out above and turn them into bad debt. For example, you over pay on a house that is above your price range.... you borrow for a business that becomes insolvent etc....
My rule of thumb is no more than 30% debt to value ratio. I prefer 25% and that is where I am at currently (thanks to inflating asset values)
If I was to disclose my debt many of you would laugh at me... but if I disclosed the value of my assets you wouldn't..... so it's not so simple.
Dave Ramsey is full of schit, yet he is more right than wrong. For the average guy that is consumed with his job and keeping the lights on he is spot on.
For others, willing to put in the work, research etc... then act on that with saved money and leveraged money , the world can be your oyster... if you have the balls, risk reward thing. To declare your way is the best and only way is just foolish.... but it is fun to "flex" on these threads and they never disappoint to entertain.....
I can't wrap my head around all of that. I just paid it off as soon as possible and started living easy again .
I have two houses,...one paid for, the other about 40% paid for. One pays for the other one.
If it ever came down to it I'd dump both of them and live in a van down by the river.
None of it means nothing.
Are you a Freemason?
Just kidding. One of my best guys is, and that's pretty much his outlook.
Slaves get what they need. Free men get what they want.
Ramsey recommends living like a peasant for your whole working life so you can be wealthy for the last 10 years of your life when you are all crippled up lol. I didn't buy until I was about 35.... payed 180k for a junk house on a couple acres in a really nice area..… spent all my spare cash and did all the work myself but when I refinanced last year it appraised for 550k.... I got a 15 year mortgage for 2.1%. I also have a boat payment and we have one truck payment...ohhhh the HORROR 🤣🤣🤣 I put good down payments on both and can dump em quick if ever need to but I'm gonna enjoy life now while my kids are young..... we can eat out whenever we feel like it, still put a little in the savings account every week and I have enough guns, trailers, and other chit I could liquidate if I ever need to. My house will be payed for by the time I retire at 55 and I will have a really good pension and annuity to pay my taxes and utilities.
That's my rub with him as well. It's great I guess for folks with no discipline in their spending habits. Also, his plan does not work for rural folk, especially in northern climes. I'd rather carry a little debt and enjoy my life and and my family as long as I can make the payments AND have a light in the tunnel where it'll all be paid off before I die.
I could be free and clear on my house in the prairie. Or I could by carry a heavy note and live where I promised my wife we'd come back to. If money is all a guy cared about I could sell my place now for 3X what I paid and walk away with a pretty good chunk of change and pay off my tractor and truck loans to boot. But I couldn't buy what I have with what I'd get selling it. So I guess to many I'm a sucker. lol
Yep, if I die owing the bank money, don't I win? I've traveled the world over many times. Made more memories and done more cool [bleep] than most people I know. I have the toys I want and the time to enjoy them. Yeah, I've got a mortgage, but over 30 years, my payment stays the same but my salary continues to rise, so the value I pay each month goes down. What might have been a high payment 15 years ago is nothing I even notice now. I'll still continue living large and doing the things I enjoy. My retirement account would pay off my house many times over. My home is currently worth 3 times what I bought it for. I ain't worried or scared of debt. I can afford it. Let others work multiple jobs and OT while they're young just to brag about what they paid for. When they are older they can look back fondly on all those cool work stories they have. I'm 51 and have met every life goal I had, save for climbing Kilimanjaro.
I'm also not worried about what I have to pass to my children. By the time I die, they've already figured out how to sink or swim on their own. I don't have to pass wealth to them, any more than my parents having to pass wealth to me. My parents are in their 70s and I hope they spend every last dime they have enjoying life while they can.
Dave Ramsey got rich suckering others into paying him for his advise.
Ramsey recommends living like a peasant for your whole working life so you can be wealthy for the last 10 years of your life when you are all crippled up lol. I didn't buy until I was about 35.... payed 180k for a junk house on a couple acres in a really nice area..… spent all my spare cash and did all the work myself but when I refinanced last year it appraised for 550k.... I got a 15 year mortgage for 2.1%. I also have a boat payment and we have one truck payment...ohhhh the HORROR 🤣🤣🤣 I put good down payments on both and can dump em quick if ever need to but I'm gonna enjoy life now while my kids are young..... we can eat out whenever we feel like it, still put a little in the savings account every week and I have enough guns, trailers, and other chit I could liquidate if I ever need to. My house will be payed for by the time I retire at 55 and I will have a really good pension and annuity to pay my taxes and utilities.
That's my rub with him as well. It's great I guess for folks with no discipline in their spending habits. Also, his plan does not work for rural folk, especially in northern climes. I'd rather carry a little debt and enjoy my life and and my family as long as I can make the payments AND have a light in the tunnel where it'll all be paid off before I die.
I could be free and clear on my house in the prairie. Or I could by carry a heavy note and live where I promised my wife we'd come back to. If money is all a guy cared about I could sell my place now for 3X what I paid and walk away with a pretty good chunk of change and pay off my tractor and truck loans to boot. But I couldn't buy what I have with what I'd get selling it. So I guess to many I'm a sucker. lol
Yep, if I die owing the bank money, don't I win? I've traveled the world over many times. Made more memories and done more cool [bleep] than most people I know. I have the toys I want and the time to enjoy them. Yeah, I've got a mortgage, but over 30 years, my payment stays the same but my salary continues to rise, so the value I pay each month goes down. What might have been a high payment 15 years ago is nothing I even notice now. I'll still continue living large and doing the things I enjoy. My retirement account would pay off my house many times over. My home is currently worth 3 times what I bought it for. I ain't worried or scared of debt. I can afford it. Let others work multiple jobs and OT while they're young just to brag about what they paid for. When they are older they can look back fondly on all those cool work stories they have. I'm 51 and have met every life goal I had, save for climbing Kilimanjaro.
I'm also not worried about what I have to pass to my children. By the time I die, they've already figured out how to sink or swim on their own. I don't have to pass wealth to them, any more than my parents having to pass wealth to me. My parents are in their 70s and I hope they spend every last dime they have enjoying life while they can.
Dave Ramsey got rich suckering others into paying him for his advise.
I forgot to mention that my wife is self employed ... she does athletic training. Not a big money maker but a GREAT second income to our family.... she has been doing it since college.... we used to rent a large building in town for quite a few years, when we refinanced into the 15 year at 2.1% we built a big shop at home and now she works from home so what she used to pay in rent now pays for our house AND her building.... I just hope I'm around in 10-15 years so I can peacock around here telling everyone I'm DEBT FREE lol.
Original loan was $45k at 7%. 1993. Paid it off about 98. Then built 24x40 garage, $17k. 2002 put addition on house 20x40 $25k. on the $87k investment todays sale value is about $350k Counting inflation since 2002, 20 years. about 40% of the $350 Roughly $140k is Government over spending.
Last edited by baltz526; 10/30/22.
The anti American Constitutional party (Democrat). Wants to dismantle your rights, limiting every aspect of your constitutional rights. Death by 1000 cuts is the tactic. Each cut bleeds constitutional rights to control you. Control is the goal.
I started my own business when I was younger. I am now 37. Worked my ass off, and now own my home, a rental, 170 acres of land and no vehicle payment. Not bragging, but I am proud of myself and my wife.
Doesn’t sound like bragging to me. Just stating the fact you did it the right way. Some folks will see your post as an inspiration while others will be envious and start spouting excuses why they can’t get off their ass and do the same. Congratulations sir! The fact you included being proud of your wife further points to your being a wise man.
Listening to Dave Ramsey and he makes is sound like a rare thing to actually own your own home (no mortage).
I'm personally not there yet, getting close $13,500 to go on a $479K property (according to Zillow). Should have it knocked out by middle of next year. I'll be 55 years old when that last payment is sent in.
How about you? Paid off house? How old? What's it worth?
I wonder if Campfire members are a little more responsible than the norm? or not?
Mine has been paid off for about18 years. Nice not to have that mortgage oayment.
The more I get to know people, the better I like dogs, life is short, eat dessert first.
My wife and I decided to pay off our house early, despite the advantages of cheap money. The dynamics of our industry drove the decision. Pharmaceutical sales is a fickle business, full of retractions and expansions, so knowing that we held the paper free and clear made operating in the sector much easier.
P
As a GC my world is or can be up and down as well. I have More work than I know what to do with right now, and Even I though I survived 08-10 housing market Crash. I don’t want to put my self in a situation where I could loose my house. In 2010. I walked away from my house/ foreclosure. I Was about 350 into it. Sold, Short sale for 115. Banks would not work with me. All the adjust my loan BS out there was no help. Not that I could t afford my mortgage, but the higher interest rates in 2008, it was not worth it for me in the long run to pay mortgage on something 3 times the price. Now I’m debt free, waiting for another down turn to buy homes.
All of them do something better than the 30-06, but none of them do everything as well.
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![[Linked Image from i.imgur.com]](https://i.imgur.com/TXHHdN7.jpeg)
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